fiat money

Definition of Fiat Money in English :

1. fiat money

money that the government declares to be legal tender although it cannot be converted into standard specie

WordNet Lexical Database for English. Princeton University. 2010.

Fiat Money

noun

mainly US

money declared by a government to be legal tender though it is not convertible into standard specie

currency made legal tender by fiat and neither backed by, nor necessarily convertible into, gold or silver

n.

Legal tender, especially paper currency, authorized by a government but not based on or convertible into gold or silver.